Global Edge AI Processor Market to Record Rise in Incremental Opportunity During the Forecast Period
The global edge AI processor market size is estimated to be valued at $8,059.7 million by 2028, surging from $2,400.0 million in 2020, at a noteworthy CAGR of 16.5%.
COVID-19 Impact on Edge AI Processor Market
Organizations will need to reap the benefits of every technological advantage available to them as they adjust to operating in the unknown territory created by the COVID-19 pandemic. The combination of edge computing, 5G, and AI will provide them with the opportunities they require to be market responsive and thrive in the face of disruption. A high positive impact has been witnessed in the industrial vertical, as firms have started realizing the potential of edge AI chips in combating the impact of COVID-19. As the world becomes more interconnected, advanced technologies such as AI gain a stronger grip on the industrial spectrum. AI chipsets, in turn, will emerge as solutions for large-scale data processing. The COVID-19 pandemic imposed new health and safety standards, altering how people interact with one another and with their immediate surroundings. The increasing demand for touch-free experiences has accelerated the shift toward AI-powered systems, voice-based control, and other contactless user interfaces – bringing intelligence ever closer to the endpoint.
Global Edge AI Processor Market Analysis
Edge has many advantages in addition to operational responsiveness, such as energy efficiency. As more data is processed at the edge, less data is moved to and from the cloud, resulting in lower data latency and energy consumption. Over half of organizations, according to the IBV, intend to use edge computing applications for energy efficiency management during the next years. And, over the next coming years, organizations across industries expect edge computing to reduce their annual power consumption by up to 11.5%, with telecommunications and electronics organizations expecting the greatest reduction. AR/VR, cloud gaming, and Industry 4.0 are all examples. These and many other emerging use cases have one thing in common: they all require edge artificial intelligence (AI).
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High cost of the technologies and low adoption rate of edge AI technologies in the developing regions can hinder the growth of the market
Growth in demand for low latency and real-time processing on edge devices, emergence of AI coprocessors for edge computing, reduction in data storage and operations costs, increase in enterprise workloads on the cloud, and rapid growth in the number of intelligent applications are the key factors creating the opportunities of growth for the market.
Global Edge AI Processor Market Share, Segmentation
The global edge AI processor market size is based on type, device type, end-use, and region.
Type:
The type segment is further classifieds into central processing unit (CPU), graphics processing unit (GPU), and application specific integrated circuit (ASIC). The application specific integrated circuit is fastest growing market share, with revenues exceeding $1,339.00 million by 2028, up from $369.8 million in 2020. Application specific integrated circuits enable the establishment of complete mechanisms on a single chip, which is likely to boost the growth of application specific integrated circuits.
Device type:
Based on device type, the analysis has been divided into consumer devices and enterprise devices. Out of these, enterprise devices sub-segment is predicted to be the fastest growing sub-segment and consumer devices sub-segment considered to be the dominating. By 2028, the consumer devices sub-segment of the worldwide edge AI processor market is expected to have a significant market share of $5,936.90 million, up from $1,789.20 million in 2020. The growing disposable income and high purchasing power of the consumers have boosted the edge AI processor market demand.
End-use:
The end-use sub-segment is further divided automotive & transportation, healthcare, consumer electronics, retail & ecommerce, manufacturing, and others. By 2028, the global consumer electronics sub-segment is expected to hold largest share exceeding $2,081.00 million, up from $647.9 million in 2020. The largest market share is attributed to the widespread use of CPU in consumer devices such as smartphones and smart wearables. Arm Ltd., Apple Inc., Qualcomm Technologies, Inc, and Samsung Electronics Co., Ltd. have all built artificial intelligence chips on core CPUs. Qualcomm Technologies, Inc., for example, provides Snapdragon mobile processors with multi-core CPUs designed to support edge mobile performance.
Region:
The Edge AI processor market size for the North America region is projected to have the largest share. The market in North America generated a revenue of $944.6 million in 2020 and is projected to register a revenue of $3,122.3 million by 2028. North America accounted for the largest share due to the region's strong presence of U.S.-based tech giants such as NVIDIA, Intel Corporation, Xilinx, and Qualcomm Technologies. The North America region is distinguished by governments' increasing emphasis on in-house AI application development and continuous investments in artificial intelligence-related technologies.
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Top 11 Key Players in the Global Edge AI Processor Market Are –
- Intel Corporation
- Advanced Micro Devices, Inc.
- Alphabet Inc.
- Intel Corporation
- Qualcomm Technologies, Inc.
- Apple Inc
- Mythic Ltd.
- Arm Limited
- Samsung Electronics Co., Ltd.
- NVIDIA Corporation
- HiSilicon (Shanghai) Technologies CO LIMITED.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.